Economic Systems

Question 1

Market or planned economy? Government controls the factors of production.

Accepted Answer

Planned

Question 2

Market or planned economy? Individuals control the factors of production.

Accepted Answer

Market

Question 3

Which of the following best describes economics?

Accepted Answer

Study of making decisions in a world of scarcity.

Question 4

Market or planned economy? Profit motivates producers to be efficient.

Accepted Answer

Market

Question 5

What's the opportunity cost in this scenario?

Accepted Answer

The money she could have earned.

Question 6

Competition can lead to better products, wider variety, and fair prices.

Accepted Answer

Market (+)

Question 7

Government officials can require full employment.

Accepted Answer

Planned (+)

Question 8

The government can make sure that there is equality--everyone gets what they need.

Accepted Answer

Planned (+)

Question 9

When consumer demand decreases, people lose their jobs.

Accepted Answer

Market (-)

Question 10

Since there is only one producer, there aren't a lot of choices for consumers.

Accepted Answer

Planned (-)

Question 11

Which 2 factors did this student mix up?

Accepted Answer

Labor, Capital

Question 12

A lack of incentive can lead to slow production or inferior quality.

Accepted Answer

Planned (-)

Question 13

When we played rock, paper, scissors, there were winners and losers. Which system?

Accepted Answer

Market

Question 14

Market or planned economy? Since there is only one producer, there is no competition.

Accepted Answer

Planned

Question 15

What's the opportunity cost in this scenario?

Accepted Answer

The potential for $4 million

Questions 15